8 months ago

South Korean authorities next year will allocate twice as much funds to finance blockchain projects.

Representatives of the Korean Agency for Internet and Security reported plans to significantly increase the number of blockchain-related projects, most of which are targeted at the public sector.

In addition, for such projects, the agency will increase up to 10 billion South Korean won (about $9 million) budget for the next year. Also, $9 million of the funds of a separate fund will be used, which are planned to be mastered in 2018-2019.

The blockchain projects selected by the Ministry specialize in the management of supply chains in livestock, customs, online voting, real estate, electronic document management and logistics. This year the agency allocated $3.76 million for these projects.

The results of the current projects will be known in November. In December the agency will hold a blockchain hackaton to select ideas for new projects.

Earlier, it was reported South Korean authorities could weaken measures to regulate the cryptocurrency market in accordance with the recommendations of the G20.